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Front Page » FYI Miami » FYI Miami: November 25, 2021

FYI Miami: November 25, 2021

Written by on November 23, 2021

Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

APOLLO ENTERS BRICKELL: Apollo Global Management, a high-growth alternative asset manager, has signed a 24,000-square-foot long-term office lease with owner Nuveen Real Estate at 701 Brickell Ave. “Apollo Global Management signing a long-term lease in Brickell’s Financial District confirms Miami as the epicenter for global financial service firms – the capitol of capital,” Miami Mayor Francis Suarez said. A spokesperson for Apollo said, “Expanding our office footprint is an important part of our talent strategy and attracting and retaining the best and brightest as we continue to grow our platform.”

PARKING PROFITS: A Canadian-based investment group this month acquired one of downtown Miami’s largest parking garages to operate for income and for possible future development from its Israel-based owner, which sold the property purchased in 2018 for a handsome profit. Bayshore Partners US Limited Partnership paid $25 million for the 247,000-square-foot Bayfront Garage at 255 NE First St. with 37,500 square feet of developable land. Seller Mishorim Real Estate Investments Ltd., which trades on the Tel Aviv Stock Exchange, had purchased the garage for $18.25 million and increased daily occupancy to 97%.  

PRIVATE JETS ABOUND: Some of the busiest days for air traffic are approaching with the combination of the holidays beginning and Art Basel on Dec. 2. However, the traffic is not only at Miami International Airport. The number of private jet flights doubles during Art Basel, said Greg Chin, Miami-Dade Aviation Department communications director. “Over the weekend the daily average is usually around 80 jets,” he said Monday. “But this weekend we are already at 100 for Art Basel.” The number of passengers is uncertain because they are private planes, but it’s estimated up to 150 to 160 jets will land in Miami for the art showings.

GAS UP, GOING DOWN: Miami gas prices rose 5.7 cents per gallon last week to average $3.37, according to GasBuddy’s survey. Gas prices in Miami are 5.5 cents per gallon higher than a month ago and $1.31 higher than a year ago. The national average price fell 1.9 cent in the past week to average $3.39. The national average is up 2.8 cents per gallon from a month ago and stands $1.30 higher than a year ago. GasBuddy forecast a price decline for Thanksgiving that could stretch for several weeks. To confront inflation, Gov. Ron DeSantis said Monday he will ask lawmakers next year to temporarily “zero out” state gas taxes.

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